Oil prices fell about 8% on Friday, heading for their lowest close since mid-pandemic in 2021, as China raised tariffs on US goods, sharply escalating a global trade war that has raised investor concerns about a recession.
Brent crude futures fell 6.67% to $65.46 a barrel. US West Texas Intermediate (WTI) crude futures fell 7.6% to $61.88.
At the session low, Brent crude fell to $64.03, while WTI crude reached $60.45, its lowest level in four years. Both benchmarks are on track for their largest weekly percentage losses in more than two years.
Latest Oil Prices:
WTI Crude $61.99 -7.41%
Brent Crude $65.97 -5.95%
Murban Crude $68.06 -5.94%
Louisiana Light $69.63 -8.87%
Bonny Light $78.62 -2.84%
Mars US $72.90 -1.51%
Gasoline $2.054 -5.07%
Natural Gas $3.837 -7.27%
Meantime, China announced it would impose an additional 34% tariff on all US goods starting April 10.
Countries around the world prepared to retaliate after Trump raised tariff barriers to their highest level in more than a century.
Commodities, including natural gas, soybeans, and gold, also fell, while global stock markets tumbled.
Investment bank JPMorgan said it now sees a 60% chance of a global recession by the end of the year, up from 40% previously.
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